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Zusammenfassung von Berkshire Beyond Buffett

Name: Berkshire Beyond Buffett
Rating: 4.2 (64 reviews)
Author: Lawrence A. Cunningham

Lawrence A. Cunningham

The Enduring Value of Values

4.2 (64 Bewertungen)

17 Min.

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Berkshire Beyond Buffett by Lawrence A. Cunningham examines how Berkshire Hathaway can continue beyond Warren Buffett, by evaluating past acquisitions and investments to help readers understand the company's future.

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What’s in it for me? Learn how a distinctive corporate culture can make a company thrive.

Some personalities are so influential and awe-inspiring that it’s difficult to imagine the world without them. Investment legend Warren Buffett is that sort of personality.

Having molded Berkshire Hathaway, a conglomerate worth more than $300 billion, from the ground up, Buffett is seen as the foundation without which the firm could not stand on its own.

Yet these blinks will show that the core values that Buffett has worked so hard to instill, and the corporate culture that has resulted, are exactly what will keep Berkshire Hathaway successful even after Buffett is gone. And in exploring Buffett’s path, you will learn how you too can instill such a rock-solid culture in your own company.

In these blinks, you’ll also learn

how flipping burgers can actually lead to living your ultimate dream;
why junior managers should make more decisions than senior managers; and
who’s next in line when Berkshire founder Warren Buffett is gone.

While Berkshire subsidiaries are diverse, they all share common core values.

Starting from humble roots in 1965, Berkshire Hathaway has grown to become one of the world’s largest corporations.

This company’s iconic leader, Warren Buffet, rocketed to fame in the 1990s as his savvy stock-picking gained him shares in top companies such as American Express, Coca-Cola and the Washington Post Company.

As a corporation, Berkshire Hathaway’s holdings are vast and diversified, and its influence extends over a wide array of commercial, financial and manufacturing interests.

Some of the companies it owns include: GEICO, the second most-popular car insurer in the United States; Burlington Northern Santa Fe, one of North America’s major transcontinental railroads; and MidAmerican Energy, a global energy supplier.

And it’s not just through Berkshire Hathaway’s broad engagement in many different businesses that it demonstrates its ability to diversify. The company’s subsidiaries differ widely in almost every measurable category, such as acquisition price, company size and number of employees.

With such a variety of companies under one roof, a degree of homogeneity might be expected.

Berkshire Hathaway’s subsidiaries do indeed share its own unique corporate culture, built on core values that serve to bring unity to such a wide-ranging portfolio.

One of the company’s core values is eternality. Long-term partnerships are highly valued at Berkshire Hathaway; the firm presents itself to subsidiaries, including many family businesses, as a place where they can find a permanent home.

In this way, unifying traits and commonalities are found in bonds of trust rather than in simple financial metrics. These traits when taken together create the Berkshire Hathaway culture.

Being budget conscious and keeping promises are the heart of the Berkshire Hathaway approach.

Berkshire Hathaway’s culture is made up of core values, which are spelled out by the individual letters in BERKSHIRE: that is, for every letter, there’s a corresponding value.

Let’s explore the acronym’s first two letters to learn the firm’s two most important values.

A strong reputation and solid family ties have served Berkshire Hathaway well.

A good reputation goes a long way, and not just in terms of maintaining a friendship. Even a company’s finances can benefit from a company’s good rep in an industry.

Importantly, investing in the value of reputation – the “R” in BERKSHIRE – has paid off for Berkshire Hathaway companies.

Self-starters and entrepreneurial thinkers thrive under Berkshire’s hands-off management policy.

As an entrepreneur in the field of acquisitions, Warren Buffett showed how a small business could transform into a huge corporation.

It’s no surprise that this entrepreneurial spirit still fuels Berkshire Hathaway’s company culture.

Stay savvy, and keep it simple. Berkshire benefits too from its subsidiaries’ acquisition strengths.

Over some 50 years, Berkshire Hathaway has acquired dozens of companies, and the value of each has increased over time.

How has the firm managed to do this? Because the company’s subsidiaries do a lot of acquiring, and are successful at it, too. They have investor savvy, the “I” in BERKSHIRE.

Berkshire has always planned with the long term in mind, but there are challenges ahead.

It’s the question on everyone’s mind: what happens to Berkshire when Warren Buffett passes away?

Many people fear that losing Buffett could mean the end of Berkshire Hathaway. But keeping in mind the company’s core value of eternality – the “E” in BERKSHIRE – Buffett has developed his company’s culture and practices in a way that will see Berkshire Hathaway endure long after he is gone.

Berkshire can find a valuable succession lesson in the experience of Marmon Group.

In the mid-1990s, financial analysts mulled the question whether holding company Marmon Group would fall apart after its founders, Jay and Robert Pritzker, passed away.

Today the financial community is confronting a similar question as it attempts to divine the fate of Berkshire Hathaway, considering that Warren Buffett in 2015 will turn 85 years old.

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Worum geht es in Berkshire Beyond Buffett?

Berkshire Beyond Buffett (2014) reveals the core values that define Berkshire Hathaway’s corporate culture as established by its founder, Warren Buffett. The book goes on to prove that the investment company’s unique view of investing and operating will ensure its success even after Buffett’s passing.

Bestes Zitat aus Berkshire Beyond Buffett

Lose money for the firm, and I will be understanding; lose a shred of reputation for the firm, and I will be ruthless. – Warren Buffett

—Lawrence A. Cunningham

Wer Berkshire Beyond Buffett lesen sollte

Financial professionals or traders interested in Berkshire Hathaway’s success
Entrepreneurs, business owners and company managers
Fans of Warren Buffett and his investing strategies

Über den Autor

Lawrence E. Cunningham is the Henry St. George Tucker III Research Professor of Law at George Washington University in Washington, D.C. His writings have appeared in university journals and in publications such as the Financial Times, the New York Post and The New York Times. Other books include The AIG Story (with Maurice E. Greenberg) and How to Think Like Benjamin Graham and Invest Like Warren Buffett.

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